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Monday, September 12, 2011

Monday

0148
I know there are a lot of lines but look for the two magenta lines.  We have tested both the top and bottom 3 times.  Which way will it break?



1355 - Currently at 1155, a previously mentioned area of resistance. This coincides with the fork's handle. Next resistance is at 1166 and then 1182. In my ideal world we would turn soon between 1155 and 1166 but the SPX daily has a long bottoming tail and if tomorrows close is above today's close it will be a bullish candle stick pattern


0100 -
Keep your eye on 1136 E-Mini. If 1136 breaks 1118 then 1075 will be the next possible supports, but as I pointed out last week, support below is weak 1340 SPX breaking trend line
1040 The bulls managed to hold the decent at 1123 and have taken the mini back over 1136. 1155 should offer resistance. The down trend remains intact.

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